Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at [...]
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how [...]
With the tax year winding down, it's time to evaluate your personal tax situation. Will you claim the standard deduction or itemize deductions on your 2024 tax return? The [...]
The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. [...]
If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD [...]
Are the costs of holiday parties tax deductible? Despite a recent crackdown on business entertainment expense deductions, your company's holiday bash may still qualify for write-offs for the 2024 tax [...]
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On [...]
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect [...]
The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. [...]
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity [...]
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]